L&Q Estates sold to Urban & Civic

L&Q has announced it is about to complete the sale of L&Q Estates, its strategic land business, to Urban & Civic.

Housing association L&Q said it had chosen master developer Urban & Civic “as a logical purchaser to keep faith with the intention of boosting housing output across South East England and into the Midlands”. Urban & Civic’s acquisition would also allow it to expand its portfolio into Milton Keynes, a “key geography” for the business, while furthering its “strategic interventions in high growth areas”.

L&Q purchased L&Q Estates, formerly Gallagher Estates, in 2017 to unlock land for homes regionally. The housing association said that the strategic land arm had helped deliver “thousands of new homes” across the Midlands and South East. But the organisation is now selling the division as its focus has shifted to investment in existing homes and targeting growth in London and Greater Manchester.

L&Q also said that Catesby Estates, Urban & Civic’s land promoting subsidiary, would “benefit substantially” from the sale, strengthening market competition by progressing sites made available to housebuilders once consent is reached.

Waqar Ahmed, L&Q’s executive group director of finance, said: “We are pleased to have reached this agreement …